2.13 Provisions, Contingent Liability and Contingent Assets
(INDAS37)
Disputed liabilities and claims against the company
including claims raised by fiscal authorities (e.g. Sales Tax,
Income Tax, Excise, GST etc.) pending in appeal / court for
which no reliable estimate can be made and or involves
uncertainty of the outcome of the amount of the obligation
or which are remotely poised for crystallization are not
provided for in accounts but disclosed in notes to accounts.
However, present obligation as a result of past event with
possibility of outflow of resources, when reliable estimation
can be made of the amount of obligation, is recognised in
accounts in terms of discounted value, if the time value of
money is material using a current pre-tax rate that reflects
the risk specific to the liability. No contingent asset is
recognised butdisclosed by wayof notes toaccounts.
2.14 Tradeand Other Payables
These amounts represent liabilities for goods and services
provided to the company prior to the end of financial year
which are unpaid.Tradeand other payables are presented as
current liabilities unless payment is not due within 12
months after the reporting period. They are recognised
initially at their fair value and subsequently measured at
amortized cost using theeffective interest method.
2.15 RevenueRecognition
Revenue is recognised to the extent that it is probable that
the economic benefits will flow to the Company and the
revenue can be reliably measured, regardless of when the
payment is being made. Revenue is measured at the fair
value of the consideration received or receivable, taking
into account contractually defined terms of payment and
excluding taxes or duties collected on behalf of the
GovernmentsuchasGoodsandServicesTax,etc.
SaleofGoods
Revenue from sale of goods is recognised when control of
the products being sold is transferred to our customers and
there are no longer any unfulfilled obligations. The
performance obligations in our contracts are fulfilled at the
time of dispatch, delivery or upon formal customer
acceptance dependingoncustomerterms.
Revenue from sales excludes GST. It is measured at fair value
of consideration received or receivable, net of returns and
allowances, tradediscountsandvolume rebates.
Rendering of Services
Revenue from rendering of services is recognised as perthe
terms of the contract with customers when related services
are performed and when the outcome of the transactions
involving rendering of services can be estimated reliably.
Dividend Income
Dividend Income is accounted for when the right to receive
the same is established, which is generally when
shareholders approve the dividend.
Interest Income
Interest Income on financial assets measured at amortised
cost is recognised on a time-proportion basis using the
effective interest method.
OtherIncome
Other income is recognised when no significant uncertainty
as to its determination or realisation exists.
2.16 Cash Flows and Cash and Cash Equivalents (IND AS 7)
Statement of cash flows is prepared in accordance with the
indirect method prescribed in the IND AS 7. For the purpose
of presentation in thestatement of cash flows, cash and cash
equivalents includes cash on hand, cheques and drafts on
hand, deposits held with Banks, other short term, highly
liquid investments with original maturities of three months
orlessthatare readily convertible toknownamountsof cash
and which are subject to an insignificant risk of changes in
value, and book overdrafts. However, Book overdrafts are
shown within borrowings in current liabilities in the balance
sheet forthepurposeofpresentation.
2.17 Earningspershare (IND AS33)
(i) Basicearningspershare
Basicearningsper share is calculated by dividing:
• The profit attributable to owners of the Company
• By the weighted average number of equity shares
outstanding during the financial year, adjusted for
bonuselementsinequitysharesissuedduringtheyear.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take
intoaccount:
• The after 'income-tax' effect of interest and other
financing costs associated with dilutive potential
equityshares,and
• The weighted average number of additional equity
shares that would have been outstanding assuming
the conversion of all dilutive potential equity shares.
2.18 Segment Reporting (IND AS 108)
Based on“Management Approach"as defined in IND AS 108
- Operating Segments, the Management evaluates the
Company's performance and allocates the resources based
on an analysis of various performance indicators by
business segments.
The Company prepares its segment information in
conformity with the accounting policies adopted for
preparing and presenting the financial statements of the
Company as a whole.
2.19 Foreign CurrencyTransactions (IND AS21)
In preparing the financial statements of the Company,
transactions in foreign currencies, other than the Company's
functional currency are recognised at the rates of exchange
prevailing at the dates of the transactions. At the end of each
reporting period, monetary assets and liabilities
denominated in foreign currencies are translated at the rate
prevailing at that date. Non-monetary items that are
measured in terms of historical cost in a foreign currency, are
not retranslated.
Exchange differences on monetary items are recognised in
the Statement of Profit and Loss in the period in which these
ariseexceptfor:
• exchange differences on foreign currency borrowings
relating to assets under construction for future
productive use, which are included in the cost of those
assets when they are regarded as an adjustment to
interestcostson those foreigncurrency borrowings;and
• exchange differences on transactions entered into in
orderto hedge certain foreign currency risks.
2.20 Events occurring after thebalance sheet date (INDAS10)
Assets and liabilities are adjusted for events occurring after
the reporting period that provides additional evidence to
assist the estimation of amounts relating to conditions
existingattheendofthe reporting period.
Dividends declared by the Company after the reporting
period are not recognised as liability at the end of the
reporting period. Dividends declared after the reporting
period but before the issue of financial statements are not
recognised as liability since no obligation exists at that time.
Such dividends are disclosed in the notes to the financial
statements.
2.21 Financial Instruments (IND AS 109)
i. Recognition and initial measurement
All financial assets and financial liabilities are initially
recognised when the Company becomes a party to the
contractual provisions of the instrument.
A financial asset or financial liability is initially
measuredatfairvalue plus,foran item not atfairvalue
through profit and loss (FVTPL), transaction costs that
are directly attributable to its acquisition or issue.
ii. Classification and subsequent measurement
Financial assets
On initial recognition, a financial asset is classified as
measured at
• amortizedcost;
• Fair Value through Other Comprehensive Income
(FVOCI)-equityinvestment;or
• FairValueThrough Profit and Loss (FVTPL)
Financial assets are not reclassified subsequent to their
initial recognition, except if and in the period the Company
changes its business model for managing financial assets.
A financial asset is measured at amortized cost if it meets
both of the following conditions and is not designated as at
FVTPL:
• the asset is held within a business model whose
objective is to hold assets to collect contractual cash
fiows;and
• the contractual terms of the financial asset give rise on
specified dates to cash fiows that are solely payments
of principal and interest on the principal amount
outstanding.
On initial recognition of an equity investment that is not
held for trading, the Company may irrevocably elect to
present subsequent changes in the investment's fairvalue in
OCI. (designated as FVOCI - equity investment). This
election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortized
cost or FVOCI as described above are measured at FVTPL.
This includes all derivative financial assets. On initial
recognition, the Company may irrevocably designate a
financial asset that otherwise meets the requirements to be
measured at amortized cost or at FVOCI or at FVTPL if doing
so eliminates or significantly reduces an accounting
mismatch that would otherwisearise.
Financial liabilities
Financial liabilities are classified as measured at amortized
cost or FVTPL. A financial liability is classified as at FVTPL if it
is classified as held-for-trading, or it is a derivative or it is
designated as such on initial recognition. Financial liabilities
at FVTPL are measured at fairvalue and net gains and losses,
including any interest expense, are recognised in profit or
loss. Other financial liabilities are subsequently measured at
amortized cost using the effective interest method. Interest
expense and foreign exchange gains and losses are
recognised in profit or loss. Any gain or loss on de¬
recognition isalsorecognisedin profit or loss
De-recognition
Financial assets
The company de-recognises a financial asset when the
contractual rights to the cash fiows from the financial asset
expire, or it transfers the rights to receive the contractual
cash fiows in a transaction in which substantially all of the
risks and rewards of ownership of the financial asset are
transferred or in which the company neither transfers nor
retains substantially all of the risks and rewards of
ownershipanddoes not retain control ofthefinancial asset.
If the company enters into transactions whereby it transfers
assets recognised on its balance sheet, but retains either all
or substantially all of the risks and rewards of the transferred
assets, the transferred assets arenot derecognised.
Financial liabilities
The company de-recognises a financial liability when its
contractual obligations are discharged or cancelled, or
expire. The company also de-recognises a financial liability
when its terms are modified and the cash fiows under the
modified terms are substantially different. In this case, a new
financial liability based on the modified terms is recognised
at fair value.The difference between the carrying amount of
the financial liability extinguished and the new financial
liability with modified termsis recognisedin profitorloss.
Offsetting
Financial assets and financial liabilities are offset and the net
amount presented in the balance sheet when, and only
when, the company currently has a legally enforceable right
to set off the amounts and it intends either to settle them on
a net basis or to realize the asset and settle the liability
simultaneously.
2.22 Cash Dividend to EquityHolders ofthe Company:
The Company recognises a liability to make cash
distributions to equity holders of the Company when the
distribution is authorised and the distribution is no longerat
the discretion ofthe Company. As per the corporate laws in
India, a distribution is authorised when it is approved by the
shareholders. A corresponding amount is recognised
directlyin equity.
2.23 Research and Development
Expenditure on research is recognised as an expense when it
is incurred. Expenditure on development which does not
meet the criteria for recognition as an intangible asset is
recognised as an expense when it is incurred.
Items of property, plant and equipment and acquired
intangible assets utilized for research and development are
capitalized and depreciated / amortized in accordance with
the policies stated for Property, Plant and Equipment and
Intangible Assets.
2.24 Goods and ServiceTax/ServiceTaxinputCredit:
Goods and Service tax/Service tax input credit is accounted
for in the books in the period in which the underlying service
received is accounted and when there is reasonable
certainty inavailing/utilisingthe credits.
Securities Premium:
Theamount received inexcessoffacevalueofthe equity sharesis recognised insecurities Premium Reserve.The reserveis utilised inaccordance with
the specific provisions ofthe Companies Act,2013.
Capital Redemption Reserve:
Capital Redemption Reserve represents reserve created during buy backof EquityShares and it is a non-distributable reserve.
General Reserve:
General Reserve has been created by transfer out of profit generated by the Company and is available for distribution to shareholders. Under the
erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with
applicable regulations.Consequent to the introduction ofthe Companies Act, 2013, the requirement to mandatory transfer a specified percentage of
net profit to general reserve has been withdrawn.
Retained Earnings:
Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any
transferstogeneral reserve,dividendsorotherdistributionspaidtoshareholders.Retained EarningsisafreereserveavailabletotheCompany.
EquityInstruments throughOtherComprehensiveIncome:
This representsthe cumulative gains and lossesarising on the revaluation ofequityinstruments measured atfair value through other comprehensive
income,underan irrevocableoption,netof amounts reclassifiedto retained earningswhensuchassetsaredisposedoff.
Effective portion ofCash Flow Hedges:
This Reserve represents the cumulative effective portion of changes in Fair Value of derivatives that are designated as Cash Flow Hedges. It will be
reclassified to profit or lossorincluded in thecarrying amountof the non-financial assetin accordance with the Company'saccounting policy.
22.1 DetailsofsecurityforworkingcapitalfacilitiesfromStateBankofIndia
Repayment Schedule:
Repayableon Demand
PrimarySecurity:
Exclusive charge by way ofhypothecation over entire present and future current assets ofthe company.
Collateral Security:
"Exclusivecharge,bywayofEquitableMortgageand Hypothecation onentirefixedassets(Land, Building, Plant&Machinery) both presentandfuture
ofthecompanysituatedatSurveyNos.166,167,168and 169ofMoujeIndradVillage, Kadi-Kalol Road,Chhatral,TalukaKadi,Dist. Mehsana, Gujarat"
-LienoverTDRworth Rs.25 Lakhsinlieuofwaiverof ECGCpolicy.
RateofInterest:
Interest rate for the year ranges between 6.50% to 11.20% (P.Y.2024-25 between 7.41% to 10.20%)
43. FinancialRiskManagement-ObjectivesandPolicies
TheCompany'sfinancialliabilitiescompriseotherthanderivativesmainlyofborrowings,tradepayablesandotherpayables.Themainpurposeof
these financial liabilities is to finance the Company's operations. The Company's principal financial assets, other than derivatives, include trade
and otherreceivables, otherbalances with banks, loans, investmentsand cash and cash equivalents that arisedirectlyfrom its operations.
The Company's activities are exposed to Credit risk, Liquidity Riskand Market risk.
The Board of directors of the Company are overall responsible for the establishment and oversight of the company's risk management
framework. The Company's risk management policies are established to identify and analyse the risks faced by the company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly toreflectchangesin market conditionsandthecompany'sactivities.
The Company's audit committee oversees how management monitors compliance with the company's risk management policies and
procedures, and reviews the adequacy of the risk management frameworkin relation to the risks faced by the company.The audit committee
is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and
procedures,the results ofwhicharereportedtotheaudit committee.
43.1 CreditRiskManagement
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the company's receivables from customers and loans. The carrying amounts of financial assets
represent themaximum credit riskexposure.
Trade Receivablesand Loans
The company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers
the factors that may influence the credit risk of its customer base. The company has established a credit policy under which each new customer is
analysed individually for creditworthiness before the company's standard payment and delivery terms and conditions are offered. Sale limits are
establishedforeachcustomerandreviewedquarterly.Anysalesexceedingthoselimitsrequireapprovalfromthemanagementofthecompany.
The company limits its exposure to credit risk from trade receivables by establishing a maximum payment period of 120 days for customers.
More than 85% of the company's customers have been transacting with the company for over five years, and none of these customers'
balancesare credit-impaired atthe reporting date.
Confirmationof balances from Debtors &Loansand Advances received,are being reconciled.
Cash and Cash Equivalents
The company holds cash and cash equivalents of Rs. 15.33 Lakhs at March 31,2026 (P.Y. Rs. 14.44 Lakhs). The cash and cash equivalents are
held with bankand cash on hand.
43.2 Liquidity Risk
Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset.The company's approach to managing liquidity is to ensure, as far as possible, that it will
have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the company's reputation.The company uses process costing to cost its products, which assists it in monitoring
cash flowrequirementsand optimizing its cash return on investments.
43.3 Market Risk
Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will affect the company's income or
the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters,while optimizing the return.
43.4 Interest RateRisk
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. In order to optimize the company's position with regards to the interest income and interest expenses and to manage the interest rate
risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate
financial instruments in ittotal portfolio.
With all other variablesheld constant, thefollowing tabledemonstrates the impactoftheborrowingcost on floating rate portion of loansand
borrowings and excluding loanson which interest rate swaps are taken.
43.5 ForeignCurrencyRisk
The company operates internationally and is exposed to currency risk on account of its receivables in foreign currency. The functional
currency of the company is Indian Rupee. The company uses forward exchange contracts to hedge its currency risk, most with a maturity of
lessthan oneyearfrom the reporting date.
The company does not use derivativefinancialinstrumentsfortradingorspeculativepurposes.
43.6 PriceRisk
Investment Price Risk
The company's exposure to price risk arises from investments in equity and mutual fund held by the company and classified in the balance
sheetat fairvalue throughprofit or loss.To manage its price riskarising from investments, the company diversifies its portfolio.
Sensitivity Analysis
The table below summarises the impact of increase/decrease of the index on the company's equity and profit for the period. The analysis is
based on the assumption thatthe price of the instrument has increased by 3% ordecreased by3% with all other variables held constant.
44. CapitalManagement
For the purposes of the Company's capital management, capital includes issued capital and all other equity reserves. The primary objective of the
Company's Capital Management is to maximise shareholder value.The company manages its capital structure and makes adjustments in the light of
changesineconomicenvironmentandtherequirementofthefinancialcovenants.
In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants
attached to the interest-bearing loans and borrowingsthatdefinecapital structure requirements. Breaches in meeting the financial covenantswould
permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest bearing loans and
borrowing in the current period.
As at March 31,2026, the Company has only one class of equity shares. No changes were made in the objectives, policies or processes for managing
capital during theyears ended March 31,2026.
45. In theopinionofthe Board, the current assets, loansand advances are approximately of thevaluestatedinthe balance sheet, ifrealised intheordinary
course ofthe business. Provision fordepreciation and all known liabilities have been made in accounts.
46. In terms of Ind As 36 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that
impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is
required to be made.
47. FinancialInstruments-FairValues&RiskManagement
47.1 AccountingClassifications & FairValue Measurements
The fair values ofthe financial assets and liabilities are measured at the amount at which the instrument could be exchanged in a current transaction
between willing parties,otherthan inaforced orliquidation sale.
All financial instrumentsare initially recognized and subsequently re-measured atfairvalue as described below:
1. Thefairvalue ofinvestmentin quoted equity sharesand mutual funds is measured atquoted price or NAV.
2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from
banks and other financial institutionsapproximate their carrying amounts largelydue to short-term maturitiesofthese instruments..
3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these
receivables.
4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward exchange rates and yield curves at the
balancesheetdate.
5. Thecompanyusesthefollowing hierarchyfordetermininganddisclosingthefairvaluesoffinancial instrumentsbyvaluation technique:
Level 1 :Quoted prices (unadjusted) in active marketsfor identical assetsorliabilities.
Level 2:Inputsotherthanthequoted pricesincludedwithinLevel 1 thatareobservablefortheassetor liability,eitherdirectlyorindirectly.
Note-'Reason formaterial discrepancies'
- The differences in inventories and trade receivables are majorly on account of goods in transit where the goods have been physically dispatched
from the Company location however, the same has not been considered as revenue from the purpose ofrevenue recognition principles and hence
reversed from books of accounts for respective quarterends.
- The management, basis theirunderstanding with banks, submitsstockstatement ofphysical stockas available at respective locationsat the period
end.Accordinglyadjustmentforgoodsintransit (inwardandoutward)is not consideredforthepurposeof filing returnswith banks.
- There are other differences on account of regrouping and reclassification of trade receivable balances .The Company has filed provisional return
with banks for the quarter ended March 31 2026, as per the due date and subsequently filed final return with respective banks where amounts as
perreturn matcheswith underlying books ofaccountsasatMarch31,2026.
50 The Company does not held any benami property under the BenamiTransactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
Hence any proceeding has not been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) andthe rulesmade thereunder.
51 TheCompanydoesnothaveanytransactions withcompaniesstruckoff.
52 As on March 31, 2026 there is no unutilised amounts in respect of any issue of securities and long term borrowings from banks and financial
institutions.Theborrowedfunds have been utilisedforthespecificpurposeforwhichthefundswereraised.
53 The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during theyearinthetaxassessmentsundertheIncomeTaxAct,1961 (Suchas,searchorsurveyoranyotherrelevantprovisionsoftheIncomeTaxAct,
1961).
54 The Company has nottraded orinvested in crypto currencyor virtual currencyduring the financial year.
55 The companydoes not have any charges or satisfaction,which is yet to be registered with ROC beyond the statutory period.
56 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understandingthatthe Intermediary shall:
- directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate
Beneficiaries)or
- provide any guarantee,securityortheliketooronbehalfoftheUltimate Beneficiaries
57 TheCompany have not receivedanyfundfromanyperson(s)orentity(ies),includingforeignentities(Funding Party)withtheunderstanding(whether
recorded inwritingorotherwise)thattheCompanyshall:
- directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate
Beneficiaries)or
- provide any guarantee,securityortheliketooronbehalfoftheUltimate Beneficiaries
58 The company does not have any investment in any subsidiary company. Therefore, there is no requirement to comply with the number of layers
prescribed under clause (87) of section 2ofCompanies Act, 2013 read with Companies (Restriction on numberof Layers) Rules, 2017.
59 There was no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the
year ended March 31,2026 and March 31,2025.
60 The Company has borrowings from banks and financial institutions on the basis of security of assets and the quarterly returns filed by the Company
withthebanksandfinancialinstitutionsareinaccordance withthebooksofaccountsoftheCompanyfortherespectivequarters.
61 TheCompany has takenborrowingsfrom banks and financialinstitutionsand utilised themforthespecificpurposeforwhichtheyweretakenasatthe
Balancesheetdate.
62 On 2nd May 2024, Fire occurred in the Dry zone of VS Plant of the Company located at Village: lndrad, Chhatral-Kadi Road, Mehsana-382715.The
Company had lodged a claim of this incident with the insurance company. During Q3 FY 24-25, the Company was able to e- auction scrap of the
Property, Plant & Equipment damaged due to fire and realized Rs. 32.29 Lakhs. On the basis of the same, the Company had estimated and recognised
loss of Rs. 402.18 Lakhs on account of damage to Property, Plant & Equipment and Inventory and had recognised insurance claim receivable to the
extent of aforesaid losses, net of amount realized from sale of scrap. The aforesaid losses of Rs. 402.18 Lakhs and corresponding credit of Rs. 402.18
Lakhsarisingfrom insuranceclaim receivableshad been presented under Exceptional Items.
During Q2 FY2025-26, the Company had received a part settlement of Rs.543.16 lakh (net of GST) towards the insuranceclaim. Further, based on the
subsequent communication received from the insurer prior to the Board Meeting for Q2, the Company had also been intimated of an additional
amount of Rs.28.63 lakh as final settlement.The outstanding insurance claim receivables were in line with the terms and conditions of the insurance
policies and the communications received from the insurer. Accordingly, the Company had recognised Rs.169.61 lakh as an exceptional item during
thequarter.
63 The Government of India has consolidated 29 existing labour laws into four Labour Codes: Code on Wages, 2019; Code on Social Security, 2020;
Industrial Relations Code, 2020; and Occupational Safety, Health andWorking Conditions Code, 2020.These Codes became effective from November
21,2025.The Ministry of Labour & Employment has issued draft Central Rules and FAQs to facilitate understanding of the regulatory changes and to
enableassessmentoftheirfinancial implications.
Based on the information presently available and in accordance with the guidance issued by the Institute of Chartered Accountants of India (ICAI),
management has assessed that the incremental impact arising from the Labour Codes is not material and, accordingly, the same has been considered in the
financial statement for the year ended March31,2026.The Central and State Rules under the Labour Codes are yet to be notified and, upon such notification,
theCompanywillreassessandrecognisetheimpact,ifany,on employeebenefitobligationsinaccordancewithapplicableaccountingstandards"
64 TheCompany has successfully commissioned its ground-mounted solar power plant amounting to Rs.1407.41 lakh of 5.19 MWp (DC)/3.85 MWp(AC) at
Village: Makdala,Taluka: Deodar, District: Banaskantha,for captive consumption at itsfactory located atVillage: Indrad (Chhatral). Solar power generation
has commenced with effect from November 12, 2025, pursuant to the Certificate of Commissioning received from the Gujarat Energy Development
Agency(GEDA).Inthisregard,thecompanyhasincorporatedthenecessarychangesinitsMemorandumofAssociation.
65 Previous year's figures have been regrouped/re-arranged/recasted, wherevernecessary,soastomakethemcomparablewithcurrent year's figures.
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